I borrowed 100K in 06 to buy 2 properties abroad. I gave a 1 acre site as security.
I sold one property for 30k last year, the bank phoned saying they needed the money from the sale. They advised me to put the 30k into a deposit account which I am getting 2% interest on and I cannot withdraw this money.
Things started to go wrong and I could not afford the full payments and missed 3 have it paid up to date now though. I went back to the bank and asked them to put the 30K against the 100k loan.
They said the only way they would do this is if they got title deeds from land that my mother has. I told them forget it, eventually they said they will put the 30k in against the 100k but said the monthly payments won't change.
I am on a variable rate and 15 years left on the loan.
How can they do this?
I sold one property for 30k last year, the bank phoned saying they needed the money from the sale. They advised me to put the 30k into a deposit account which I am getting 2% interest on and I cannot withdraw this money.
Things started to go wrong and I could not afford the full payments and missed 3 have it paid up to date now though. I went back to the bank and asked them to put the 30K against the 100k loan.
They said the only way they would do this is if they got title deeds from land that my mother has. I told them forget it, eventually they said they will put the 30k in against the 100k but said the monthly payments won't change.
I am on a variable rate and 15 years left on the loan.
How can they do this?